auctions Akron, Ohio listings, estate sales Akron, Ohio, surplus liquidations Akron, Ohio
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Q: I read your last column about paying income tax on eBay sales if you are doing it as a business, but as someone who only sells on eBay occasionally I'm still confused if the IRS rules apply to me. Can you tell me more? -- Norman L.
A: Last week's column on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I've always been amused by folks who try to impress me with talk about their "little side business" but when the subject turns to taxes they suddenly refer to it as "my little hobby."
All kidding aside, the conclusion that I came to after reading each email was always the same: while you may think selling on eBay is just a fun pastime and the money you're making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you.
It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you're going to come to the dance you have to pay the fiddler.
The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on eBay.
In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business.
These factors include: - Do you carry on the hobby in a business-like manner? - Do you spend considerable time working on the hobby? - Do you depend on income from your hobby for your livelihood?
If the answer to any or all of these question is yes, you're running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.
What's eBay's take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not does not issue 1099 tax forms to sellers, nor does it report seller's sales figures to the IRS.
eBay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.
Furthermore, under it's current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction.
On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it's a home office), office supplies, and more.
Talk to your accountant if there's any doubt as to whether you should or should not be paying taxes on your eBay earnings.
Here's to your success!
Tim's latest book is "The 30 Day Blueprint For Success!" We asked 58 Top Internet Money Makers: If you lost is all tomorrow and had to start from scratch, what would you do to be back on top in the 30 days? Their answers just might make you rich!
Here is everything you need to know about IPL 2018 auction
Stokes was cleared to play for England again on Wednesday despite being charged with affray. He was earlier suspended by the ECB from international duty for his involvement in an incident outside a nightclub in September that reportedly left a man with ...
IPL 2018: List of Sri Lankan players and their base price in the auction
List of Sri Lankan players and their base price for the auction. (Photo Source: Getty Images). It's that time of the cricketing calendar when every performance around now will be a platform that could end up opening doors for the player toward the ...
Ish Sodhi feels that the IPL auctions are completely out of his control
... 2016, on the eve of the World T20 cricket tournament first semi-final match between England and New Zealand. (Photo credit PRAKASH SINGH/AFP/Getty Images). Ish Sodhi may be the No.1 ranked bowler in T20 internationals, but the leg spinner hasn't ...
Availability key to Stokes's demand in IPL auction
Ahead of the IPL player auction next weekend, uncertainty surrounding the availability of England all-rounder Ben Stokes is likely to give franchises headaches as they attempt to plan the players they will target in the auction. It was announced last ...
IPL 2018: List of South African players and their base price for the auction
As many as 41 Proteas players are taking part in the auction. Out of these 41, only seven are uncapped players. The rest of the 34 players have international experience and involve some big names. Nine batsmen from South Africa registered their names ...
Marquee players to watch out for at the IPL auctions
Franchises have already started drafting their plans with just a few more days left for the mega IPL auctions. With over 578 players to choose from, planning could be tricky. In the auction pool, there are several marquee foreign stars who will be up ...
Central Bank of Iraq Auctions $173457207 on 21 January 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on January 21 registered $173,457,207 in sales, a -6.71% volume decline from the US $185,938,296 sold by Iraqi Dinar, credit and transfer at the previous auction held on January 18 ...
Morocco probes dinosaur tail sold in Mexico auction
The four-metre-long (13-foot) fragment of an "Atlasaurus tail from the Jurassic period" was sold on Tuesday for 1.8 million pesos ($96,000), according to Mexican auctions website Morton. It said the fossil came from the Atlas mountains in Morocco after ...
IPL 2018 players' auction: Here's the list of all 578 cricketers and their base price
Meanwhile, Rajasthan Royals and Kings XI Punjab retained only one player each: Steve Smith and Axar Patel respectively. In RCB's camp, AB de Villiers and Sarfaraz Khan were the once who were retained, apart from Virat Kohli. While there will be a stiff ...
Southeast Pa. Hay Auction Summary - 1/12/18
Prior week sales for week ending Friday, January 12, 2018. Report comprised of Wolgemuth-New Holland, Kirkwood, and Wolgemuth-Leola hay auctions. ALFALFA: 17 loads, 88..73 tons. ALFALFA/GRASS: 57 loads, 260.91 tons. GRASS: 101 loads, 477.39 tons. STRAW ...
RELATED AUCTION INFORMATION ARTICLES:
How To Sell On eBay: The Money Is In The Back-End
Many people who sell on eBay completely neglect the follow-up process. They post an auction.
Effective Online Car Sales on eBay Motors
Remember back when selling online was a new experience? Dealers tried everything to sell their vehicles online. Today's market has expanded to include several hot online marketplaces.
Importing Products to Sell on eBay
The interesting thing about online buyers is they are extremely price sensitive. A survey done by Forrester Research shows that 73 percent of surveyed online buyers expect prices on the Internet to be cheaper than in stores.
From eBay Zero to Power-Selling Hero: Don't Be That Random eBay Guy
If I could convey only one concept to someone who was about to start selling on eBay, it would be this: no one has ever purchased anything on eBay with this in mind--"I think I'll buy something on eBay from some random guy and pay more than I would at the store down the street."No one has ever said that.
7 Great Reasons Why You Should Start an eBay Business Today
eBay is a great part or full time business. An eBay Business can be used as a way to promote your Online Home Based Business.
Starting an eBay Home Business
Do I need to explain what eBay is?If 'Yes', where have you been living for the past 5 years? On Mars?eBay is the world's largest Internet auction site. There are a reported 30,000,000 users, but that number has probably increased in the time delay between me writing this article and you reading it.
Profitable Paper Piecing on eBay--Part 1
Why sell paper piecings on eBay?eBay is a great way to make a steady part-time or full-time income from a hobby that you love! Selling paper piecings has its ups and downs, but overall it is a rewarding and lucrative venture.Getting and Understanding An eBay AccountTo get started selling paper piecings on eBay, you will need to set up an account.
Professional eBay Auctions Reap the Profits for Sellers
eBay offer an unbelievable amount of traffic for ANYONE wanting to sell on their auction site, so much so that millions of items are listed on it everyday. So with all this competition how do you make sure that your listing doesn't get lost amongst the rest and that customers keep coming back to you.
Is Selling On eBay Just A Hobby Or A Real Business?
Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly.
How To Compete With Amazon.com
If you are selling online,here is the down side of our business..
Can You Really Make Money Selling New Release CDs & DVDs On eBay?
Being an active eBayer, I am often being asked about products to sell. A common question is "Where can I purchase products such as new release CD's DVD's and Video Games for Playstation and X box at a 75% to 100% discount.
Easy Money on eBay?
eBay was only two years old when I discovered it.A friend I worked with was also starting to sell on eBay at about the same time, and we exchanged ideas and experiences constantly.
Tips on How to Profit from eBay Buy It Now Auction Listings
eBay is an online auction site so it stands to reason that most users will tend to auction off their items aiming to get a high price.The problem with auctioning items is that eBay can be a very fickle place, one week an item may sell for hundreds of pounds but the next week the same item may sell for pennies.
Royal Memorabilia -Smart Trading and Fake Dodging
This is my second article about trading royal memorabilia on eBay and other online auctions. We're going to explore just what items are really tradable, how and where to find your stock and mention some definite pitfalls to avoid.
Bananas - Your Source of eBay Packing Materials!
This is the most boring stage of the process and subsequently where some eBay sellers let themselves down. If the buyer receives their purchase poorly packed and broken then they are not going to be happy and will want a refund and more importantly never buy off you again which will have negated all the hard work that you put into the previous stages of your professional auction listing.
Everything You Need To Know About eBay Money Making Opportunities
eBay money making opportunities are simply the best thing to come along since the wheel. Seriously, everybody from grandmothers to middle school kids are cashing in on what's been called the $14 billion eBay pie.
How To Sell Santa's Slip-Ups
Shoppers spent more than $15.5 billion this Christmas on gifts on the Internet alone.
How Professional eBay Auction Templates Can Boost Your eBay Sales
Do you like to sell on eBay ? It's easy and fun, isn't it ? In fact, it's one of the easiest online business you can start almost overnight, without any major investments. That's the best thing about it.
Start an Easy Home Business: Become an eBay Trading Assistant
eBay's online auctions have created business opportunities for thousands of people. Now the Trading Assistant program is making it easier than ever to start a business from home.
Are You an eBay Shopper?
As I write this article, I am keeping an eye on an item on eBay. Do I have to keep an eye on it? No.
Find used office equipment in Ohio at www.OfficeJax.Has.It
Find the best fleamarkets at www.FleaMarketWorld.Has.It
Find electric powered vehicles at www.NoGas.Drives.It
Surplus Outlet Directory
5th Avenue Flea market
Find homes for rent
|[Back to Top]
Triplet jeweler's loop's
auction Akron Ohio
auctions Akron Ohio